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Construction is well under way on the Chicago Spire, which, at 2,000 feet, will stand as the world's tallest building that is exclusively residential. The 150-story tower, designed by famed architect Santiago Calatrava, will take the shape of a twisting, corkscrew-like glass-and-steel design that tapers at the top.

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The worldwide credit crisis has stalled work on 11% of 1,324 skyscraper projects worldwide, according to a German firm that tracks skyscraper development. Twenty-nine of those 142 projects are in the U.S. In Chicago, developers have stopped construction of the 150-story Chicago Spire, for example. Meanwhile, the recession has led to a 21.4% unemployment rate in the construction industry.

The worldwide credit crisis has stalled work on 11% of 1,324 skyscraper projects worldwide, according to a German firm that tracks skyscraper development. Twenty-nine of those 142 projects are in the U.S. In Chicago, developers have stopped construction of the 150-story Chicago Spire, for example. Meanwhile, the recession has led to a 21.4% unemployment rate in the construction industry.

Construction of two Chicago towers has come to a halt because their developers are unable to secure additional financing. Garrett Kelleher of Shelbourne Development is developing the 150-story Spire, and Teng & Associates is developing the 90-story Waterview Tower. The developers used their own funds to start construction with the expectation of obtaining more financing in the future. Over the past months, Kelleher has had conversations with many financial institutions. "There's no financing available to build the Spire today," he said. "It's a matter of waiting. And that's what the plan is."

Work on the striking 150-story Chicago Spire skyscraper, designed by architect Santiago Calatrava, is due to begin within weeks, according to the project's developer, Shelbourne Development Ltd. The company says it has hired Case Foundation Company to provide concrete and steel caissons that will be drilled 120 feet into bedrock to support the 2,000-foot tower.

The Chicago City Council has approved a zoning change that clears the way for the construction of the already famous 2,000-foot twisting skyscraper that will be known as the Chicago Spire. The tower, designed by renowned architect Santiago Calatrava, will rise well above the city's 1,451-foot Sears Tower to become the tallest building in the U.S.